JERSEY’S inflation rate has dropped for the first time since 2021, latest figures published by Statistics Jersey show.
However, prices continue to rise sharply, with housing still the largest contributor toward the annual rate of inflation at a 27.4% increase, driven by increases to the cost of mortgage interest payments.
Food also remains the second largest contributor at a 15% increase in the twelve months from June 2022.
These figures have been revealed in Statistics Jersey’s latest Retail Price Index (RPI) report, which shows that during the twelve months to June 2023 the RPI for Jersey increased by 10.9%.
This marks a 1.8 percentage point decrease since last quarter, when RPI was 12.7% in the twelve months to March 2023.
A key driver for the decrease in the annual rate of inflation was the motoring group, particularly the decrease in the petrol and oil section over the last twelve months.
But the twelve month increase in the RPI to June 2023 was larger than a year ago, with 7.9% in June 2022.
Other data also showed that RPI Pensioners and RPI Low Income – the rates affecting those demographics specifically – increased by 6.8% and 6.4% respectively, which were both falls from the previous quarter by 2.5 and 2.2 percentage points.
